CNGN’s developers seeking listing on Yellow Card and Roqqu
However, both exchanges are reluctant to list the cNGN just yet because of a lack of demand and clear use cases.
The creators of the naira-pegged stablecoin cNGN, the African Stablecoin Consortium (ASC), have entered discussions with two additional cryptocurrency exchanges, Roqqu and Yellow Card.
The ASC wants these exchanges to list the cNGN and make it available for their users to swap with other cryptocurrencies and widen the token’s adoption.
The details
- Roqqu and Yellow Card have confirmed early talks about listing cNGN, but for now, they don’t plan to go ahead. Both exchanges say the token doesn’t have enough demand or clear use cases yet to justify listing it
- Yellow Card’s chief operating officer, Jason Marshall, said that the pan-African exchange is selective about the coins it lists.
- Before it lists a token, the exchange considers the market demand for the coin, its financial backing, and compliance levels as key factors.
- He added that he has not seen enough domestic use cases for the cNGN, especially since the naira is already digital in Nigeria’s traditional banking sector.
- Roqqu’s CEO, Eseoghene Onomor, echoed a similar thought, affirming that listing a coin is a time-intensive process and the lack of clear demand for the cNGN at the moment has not helped the token’s case.
- Given the limited number of exchanges where the token is readily available and purchase on its platform limited to only licensed entities, the cNGN faces an uphill task to drive more demand to get it listed on more exchanges.
Key quotes
- Marshall told TechCabal:
“We have a lot of respect for any project that has been admitted to Nigeria’s SEC Accelerated Regulatory Incubation Program (ARIP); we take it seriously, but we are very selective about the coins we list.”
- On why the exchange won’t list just yet, he added:
“I think of the cNGN as a two-way street. For domestic use cases within Nigeria, I’m not sure because the Naira is already digital. The Nigerian bank transfer system is very advanced; transfers are instant and low-cost, but we’re open-minded to domestic use cases—we’re just unsure as of yet.”
Before now
- The cNGN officially launched on Feb. 3 and has since listed on two licensed crypto exchanges in Nigeria, first on Busha and more recently on Quidax.
- At the time of its launch, only 4,400 cNGN were in circulation among just seven holders, as Mariblock reported.
- Information on its website shows that the numbers have since grown, with 152.5 million tokens now in circulation among 166 holders as of April 8.
